Stocks extend positive momentum

MANILA, Philippines — The Philippine stock market remained upbeat yesterday, opening the first trading day of the week on a good start as it extended Friday’s positive momentum.

Thus, the market returned to the 7,400 level yesterday.

Traders said the market was quite oversold and already ripe for a rebound. It also helped that market investors shrugged off trade tensions between the US and China.

The benchmark Philippine Stock Exchange index (PSEi) closed at 7,433.61, up 50.61 points or 0.68 percent, while the broader All Shares index gained by 24.12 points or 0.54 percent to end at 4,531.52.

Most of the sectoral indices meanwhile, shared in the optimism and as closed in positive territory.

Ending in the green were the financials, mining and oil, holding firms and the services gauges. The property indices, on the other hand, ended in negative territory.

Despite ending strong yesterday, trades were thin yesterday with total value turnover reaching only P4.569 billion. Decliners outpaced advancing stocks, 97 to 95 and 42 issues were unchanged.

Luis Limlingan of Regina Capital gave this comment: “Investors picked up a few more names after the meteoric rise Friday, as the effect of trade tension seems to have temporarily worn out.”

The markets immediate reaction to Trump’s tariff action and resultant retaliatory step by China was greeted with a snap rally. However, this may be short lived with the upcoming Federal Reserve and Bangko Sentral meetings on Wednesday and Thursday respectively.”